Oceaneering Announces Ocean Intervention One-Year Contract

December 8, 2008– Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced it has secured a one-year term contract with estimated revenue in the range of $25 million to $30 million for use of the MSV Ocean Intervention and other related services, commencing early February 2009. The contract contains a customer option for a one-year extension.

The customer has contracted Oceaneering to conduct inspection, repair, and maintenance (IRM) of deepwater subsea facilities in the Gulf of Mexico (GOM). Examples of this work include changing out pods and chokes, installing flowline jumpers and control umbilical flying leads, remediating hydrates, and supporting diving operations on deepwater floating facilities.

The Ocean Intervention is a 75 meter DP-2 MSV with a moonpool cursor-deployed 300 HP Maxximum work class ROV system, a 20 ton marine crane, a 60 ton A-Frame, a 50 ton subsea winch, a working moonpool, and accommodations for 50 people. The vessel has a satellite communications system with streaming video for real-time observation of work being performed.

Kevin McEvoy, Executive Vice President, stated, “This is the fourth consecutive year our customer has made a one-year term commitment to use the Ocean Intervention and our services. This continued relationship is based on the confidence our customer has in our ability to provide high quality services in the challenging deepwater IRM market. It also gives recognition to the service quality reputation we have earned through the efforts of our highly skilled personnel.

“The other services to be provided under this contract include diving, project management, and ROV tooling rentals, upon request. We also anticipate orders for specialty subsea products under separate contracts to support our customer’s IRM program.”

Oceaneering is a global oilfield provider of engineered services and products primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense and aerospace industries.

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